It is interesting to see the major casinos continue to struggle here, namely CZR LVS MGM MPEL WYNN, even into what is effectively a market melt-up.
The weakness in casinos has largely been attributed to Macau and potential issues there. Nonetheless, in other spots in Asia the strength is palpable–Namely in Vietnam and South Korea.
For now, the major casinos still look like one of the few viable shorts in this tape which have not (yet) punished bears.
South Korean firms, such as POSCO (PKX), are on the watchlist for the long side, already a long-term investment idea of mine.
What are you trading this morning?
Longs – $JD, $JO,
Shorts – $UNP, $LVS
Good book, sir.
Hey Chess,
What are your thoughts on WFM here?
Thank you!
Can run over $39.07 for a snapback rally.